EPAM has released its 2020 consumer banking report which examines neobank adoption.
The report found 82% of consumers are at least “slightly happy” with their bank.
A very small number would consider challenger banks as their main account – but half are reassessing their needs at the moment.
The survey looked at consumers in the UK, Singapore, Hong Kong and the US.
What does this mean?
FinTech Alliance Editor Olivia Minnock commented:
“This report makes interesting reading. With 82% of customers satisfied with their current bank, this presents a challenge for the challengers. Findings show that most people still wouldn’t consider using their neobank as their sole account, but an increasing number use a neobank in combination – providing valuable insights and opportunity for neobanks and traditional banks alike.
“The importance of trust and value-added services is evident; as is customers’ willingness to adopt new technologies and services such as AI and social media. It’s clear that a focus on winning millions of new accounts at great cost with just ‘bells and whistles’, while essentially not offering anything new in terms of proposition or value, will not be a sustainable nor a successful strategy for any bank.”